The company is already in Dizraptor’s portfolio since Aug 10. New offerings are possible in the future
About the Company
Motive (formerly KeepTruckin) was founded in 2013 to serve the trucking industry. But today the company provides hardware and software to industries ranging from construction, oil and gas to distribution, moving and storage. Motive serves over 120,000 businesses and more than one million drivers and employs 2,400 people worldwide.
The company provides cutting-edge technology leveraging the latest advances in artificial intelligence and computer vision for vehicle-related businesses – spanning video-based driver safety, Electronic Logging Device (ELD) compliance, GPS tracking, dispatching, and fuel and maintenance.
According to a Motive release, the global middle class has tripled in the past 20 years to more than 1.7 billion people. As incomes rise, so does consumption, and expectations for quality, reliability and speed of delivery are higher than ever. This exponential growth in demand combined with continuously rising expectations is putting unprecedented strain on the industries that power the physical economy – agriculture, manufacturing, construction, field services, trucking and logistics.
The physical economy accounts for about 50% of global GDP, and yet it is largely ignored by the technology industry. To modernize the physical economy, Motive is focusing on the Internet of Things (IoT) and artificial intelligence. The global IoT market is projected to grow from $478.36B in 2022 to $2,465.26B by 2029 at a CAGR of 26.4% over the forecast period.
Financials and Valuation
Since its foundation in 2013, the company has carried out 7 investment rounds and raised $417M. Investors include Google Ventures (invested in Uber, Lemonade, Slack) and Index Ventures (invested in Datadog, Slack, Etsy).
In June 2021, Motive raised $190M from G2 Venture Partners, IVP and Scale Venture Partners and funds managed by BlackRock and others valuing the company at $2.3B. The previous round in April 2019 was valued at $1.4B.
Currently, there is no revenue data on Motive in open sources. Despite the pandemic's effects, the company said it has experienced 70% annual growth, largely due to expansion into new markets.
The trucking industry, which remains a major market for Motive, has suffered because of the pandemic. Freight companies experienced constant fluctuations in demand and were unable to forecast operations effectively, incurring significant losses because of it.
As the company's customer base expands, so does its list of competitors. Motive competes with such major players in the trucking optimization product market as Ontruck, Convoy, CargoX, Flexport. It also competes with software providers for agriculture, manufacturing, construction, gas and oil industries, and others.